M&T Bank Corporation: 10-K Risk Factor Changes

•Changes in accounting standards could impact the Company’s reported financial condition and results of operations. •The Company’s reported financial condition and results of operations depend on management’s selection of accounting methods and require management to make estimates about matters that are uncertain. •The Company’s models used for business planning purposes could perform poorly or provide inadequate information. •The Company is exposed to reputational risk which could negatively impact investor and customer confidence. •The Company’s framework for managing risks may not be effective. •Pandemics, acts of war or terrorism and other adverse external events could significantly impact the Company’s business. •The Company’s assets, communities, operations, reputation and customers could be adversely affected by the impacts of climate risk. 24 24 24

•Changes in accounting standards could impact the Company’s reported financial condition and results of operations. Changes in accounting standards could impact the Company’s reported financial condition and results of operations. •The Company’s reported financial condition and results of operations depend on management’s selection of accounting methods and require management to make estimates about matters that are uncertain. The Company’s reported financial condition and results of operations depend on management’s selection of accounting methods and require management to make estimates about matters that are uncertain. •The Company’s models used for business planning purposes could perform poorly or provide inadequate information. The Company’s models used for business planning purposes could perform poorly or provide inadequate information. •The Company is exposed to reputational risk. The Company is exposed to reputational risk. •The Company’s framework for managing risks may not be effective. The Company’s framework for managing risks may not be effective. •Pandemics, acts of war or terrorism and other adverse external events could significantly impact the Company’s business. Pandemics, acts of war or terrorism and other adverse external events could significantly impact the Company’s business. •The Company’s assets, communities, operations, reputation and customers could be adversely affected by the impacts of climate risk. The Company’s assets, communities, operations, reputation and customers could be adversely affected by the impacts of climate risk.

•The financial services industry is highly competitive and creates competitive pressures that could adversely affect the Company’s revenue and profitability. •Difficulties in obtaining regulatory approval for acquisitions and in combining the operations of acquired entities with the Company’s own operations may prevent M&T from achieving expected benefits from acquisitions. •The Company could suffer if it fails to attract and retain skilled personnel. 23 23 23

•The financial services industry is highly competitive and creates competitive pressures that could adversely affect the Company’s revenue and profitability. The financial services industry is highly competitive and creates competitive pressures that could adversely affect the Company’s revenue and profitability. •Difficulties in obtaining regulatory approval for acquisitions and in combining the operations of acquired entities with the Company’s own operations may prevent M&T from achieving the expected benefits from its acquisitions. Difficulties in obtaining regulatory approval for acquisitions and in combining the operations of acquired entities with the Company’s own operations may prevent M&T from achieving the expected benefits from its acquisitions. •The Company could suffer if it fails to attract and retain skilled personnel. The Company could suffer if it fails to attract and retain skilled personnel.